India’s forex reserves witnesses a drop by $1.145 billion in November: RBI

The data showed that the nation’s reserve position with the IMF dropped by USD 27 million to USD 5.201 billion in the reporting week.

Advertisement

India’s foreign exchange reserves diminished from USD 763 million to USD 640.112 billion in the week ended November 12, RBI data revealed. In the preceding week, ended November 5, the reserves had declined by USD 1.145 billion to USD 640.874 billion. It reached a record high of USD 642.453 billion in the week ended September 3, 2021.

In the reporting week, the drop in the foreign exchange reserves recorded a dip in foreign currency assets (FCA), a significant element of the overall funds, Reserve Bank of India’s (RBI) weekly data issued on Friday revealed.

According to the data, FCA diminished by USD 2.094 billion to USD 575.487 billion in the reporting week. Displayed in dollar terms, the foreign currency assets incorporate the impact of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves jumped by USD 1.461 billion to USD 40.239 billion in the reporting week.
The special drawing rights (SDRs) with the International Monetary Fund (IMF) declined from USD 103 million to USD 19.184 billion. The data showed that the nation’s reserve position with the IMF dropped by USD 27 million to USD 5.201 billion in the reporting week.